Disallowance
Querist : Anonymous
INTEREST ON EPF AND ESIC NOT ALLOWED.
Querist : Anonymous
2) Interest on sales tax is an allowable expenditure. Lachmandas Mathuradas Vs.CIT (2002) 254 ITR 799(SC).Same analogy can be applied to VAT also.
3) Regarding interest on ESI, principal and interest constitutes assessee's liability and hence interest element is an allowable expenditure. Kamlapat Motilal's case reported in 105 ITR 783, though delivered in an different contest, can be relied upon.
The expert Mr.Chackarpani has given you the case laws for other 2 allowable interest. I agree with him
Click here to login now
Similar Resolved Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
